Ocean Freight Rates Between Asia and US Surge by 140%, Affecting Pricing and Availability

Ocean Freight Rates Horizontal - The Chemical Company

The global ocean freight industry is currently facing significant disruptions, leading
to increased costs and limited availability. These challenges are primarily due to
complications in key transit routes such as the Red Sea and the Panama Canal,
which have captured the attention of numerous sectors.

In particular, freight rates for shipments from Asia to the US East Coast have
soared by approximately 140% within a two-month span. This surge is attributed to
a combination of factors, including seasonal shutdowns, a scarcity of vessels, and
prolonged shipping times.

In response to these rising costs and delays, businesses are increasingly seeking
raw materials and finished products from closer geographical locations. This shift is
amplifying the focus on reshoring initiatives, as companies aim to mitigate the
impact of these freight challenges.

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